The argument that the minimum wage law has significantly increased teenage unemployment is not supported by recent statistical analysis.
Answer the following statement true (T) or false (F)
True
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An important determinant of the price elasticity of supply is the extent to which
A) the commodity is a luxury or a necessity. B) the demand for it is both price and income elastic. C) the product has many complements or substitutes. D) production requires the use of particularly scarce or specialized resources.
Why does the substitution bias cause the consumer price index to overstate inflation and the cost of living? Why does the increase in quality bias cause the consumer price index to overstate inflation and the cost of living?
What will be an ideal response?
A tax that takes a smaller percentage of an individual's income as their income rises is called a _____
a. proportional tax b. progressive tax c. sumptuary tax d. regressive tax
________ inflation occurs when aggregate demand increases, while ________ occurs when aggregate supply decreases
a. Consumer-push; seller-pull b. Demand-pull; cost-push c. Cost-pull; seller-push d. Supply-pull; cost-push